If you are dreaming of a relaxing Easter holiday, forget Boracay. I LOVE Boracay, but not during the Easter weeks. It's as if EVERYONE from Manila is there (plus everyone else from Germany and Taiwan). It's going to be a long holiday in Manila, too, see, so all the yuppies head to the white sands of Boracay. There's bound to be a party EVERY night, and a swimsuit competition before that; and the fare & accommodation rates are usually much higher during those times.
But, if you think all THAT is tolerable for you, then by all means -- GO to Boracay. What's there to do? Nighttime is, of course, reserved for dancing and singing. Daytime can find you sunbathing while watching kids crate very detailed sand sculptures; snorkelling (or if you are staying for more than 3 days -- diving); island hopping via motorized boat; shopping (actual and window.. but with the prices, you can do MORE of the first ;-); banana-boat riding (FUN!); hang-gliding (argh, I don't know the correct term ..); eating; getting a henna tattoo; getting a full body massage; spa ... ooops, did I forget swimming? ;-)
Hope this helps...